Friday, November 29, 2013

How can a loan or unsecured loan . How can I do for loans without collateral or a guarantee ? Here are some tips for you to bank approval .

1 . Determine First Bank , of course .You have to decide which banks will be presented offering unsecured loans . Each bank may differ depending on the demand for credit and the credit limit granted . It is therefore essential that banking requirements . In accordance with your wishes and credit limit .

2 . You have more support if you have a credit cardIt will be easier for banks to approve loans without collateral , you might ask , if you already have a credit card . Because the bank can control the extent of your credit history . Also make sure that your credit card bill for the good . Minimum credit card must be at least one year .

3 Prepare the Terms and ConditionsPrepare documents required for loans without collateral applied by banks . The term requirements as a bank loan without collateral standards such as photocopies of your card , copy of credit card , copy of tax identification number , salary slips ( if used ) , or a photocopy of business license ( if a company) . Oh yes , you must have a phone number for the presentation of the unsecured loans . In general , the bank then contact you by telephone to your home .

4 Be sure to come to the bank or onlineGo to the bank to ask the purpose of the loan is unsecured loans . Fill in the form and the necessary requirements . By filling out the form , the actual data . Fill Or you can try online loans unsecured loans apply . Currently , many banks offer all the facilities without collateral credit loan presentations over the Internet .

5 ConfirmationWhen you use an unsecured loan facility online , after entering through an online form that loans unsecured loans should confirm to the bank . The goal is to complete the loan without collateral for the application process .

6 Assessment and ResearchBanks warn and control . Interviews can be conducted in person or over the phone . Examined the requirements for filing equipment checks unsecured loans . The bank will then survey for your home or office . Because there is a phone number that you should be in good shape should always be active .

7 Waiting for newsWaiting for good news from the bank . This will tell you whether the planned loan unsecured loans approved . If approved , then you can expect to membayar.Ini is the process of loan application unsecured loans . Want to try ?

These loans do not require collateral assets to be used when we want to apply for these loans at financial institutions . Then how financial institutions decide whether we deserve this loan or not ? Of course financial institutions not directly give us a loan when we came . They will ask for various documents so that they could learn whether indeed we are eligible to receive the loan or not .

What is seen financial institutions before giving us a loan ? Financial institutions will grant credit after seeing

Credit history of pemihin personally Savings and assets

It is studied by Financial Institutions to see if we are able to carry out our obligations to them . Obligations that we have after getting the loan is paid back the loan . So in lieu of bail , they will check both of the above .

Advantages of Unsecured Loans

Loans liquid fast ( fast loans granted ) as the process was shorter than the other loans that require collateral The requested document was not seribet loans with collateral Loans can be used for primary , secondary or business in accordance with the will of our Not required collateral asset whether it be home , important papers or other valuables Nyicil system returns a process where we have to return the borrowed money along with interest in accordance with the provisions in force in the place where we borrow Some Institutions kuangan release or lowering administrative costs to be paid by us as a borrower

Disadvantages of Unsecured Loans

There is a limit on the borrowing because there is no need assurance that the financial institutions that lend bold just not too big The deadline is very short usually a maximum of five to seven years when compared to other credit Interest of the unsecured loans can be fairly large when compared to other loan services from Financial Institutions

Friday, November 1, 2013

Yesterday, the Department of Finance published the first in a new set of monthly mortgage arrears and restructures figures. Hopefully, the series will be expanded because the first issue contains almost nothing that is new and also has some errors.

The errors don’t relate to the arrears figure but to the comparison between the number of houses in the country and the number of mortgage accounts. This is shown in the ‘key highlights’ (click to enlarge):

The left panel of the middle section indicates 700,000 of the 1.9 million houses in the Ireland have “mortgages covered under MART”. This is not correct. Yes, there are nearly 2 million housing units in Ireland, as was measured with Census 2011:

However, the number of units with a mortgage is not the same as the number of mortgage accounts. A separate measure in the Census showed that of the 1.65 million units occupied by the usual residents that just over 580,000 were owner-occupiers with a mortgage.

The 699,674 used in the DoF release would only be appropriate if the relation between mortgage accounts and houses was 1:1. It is not. There are many household who have more than one mortgage account on the principal dwelling house (PHD). This can be because of top-ups, remortgages or splitting a mortgage between different interest rate types.

Previous work by the Central Bank has shown that the ratio of mortgage accounts to PDHs is around 1.27:1. Therefore the 699,674 mortgage accounts in the MART corresponds to roughly 550,000 houses/households. This means 27.6% of houses in Ireland have “mortgages covered under MART” not 35%.

The figures on mortgage restructures add little to what is already known from the quarterly figures published by the Financial Regulators office. There is a breakdown of “permanent” versus “temporary” but this is broadly known from the type of restructure used. It would be useful if this breakdown was further distilled into those accounts which are in arrears and those accounts which are not.

It would be even more useful if the success rates of the restructures were published, i.e. whether the borrowers are meeting the terms of the restructures. The figures from the FR indicate that 76% of the restructures are being adhered to but we do not know which restructures this applies to.

The fact the 75% of mortgages in 90 day arrears or more have not been restructured is not news but it did make the front pages of today’s Irish Examiner (image) and The Irish Times (image).

Three in four home loans in long-term arrears are not being restructured by the banks despite lenders having a range of mortgage solutions to offer borrowers.

The data shows 62,210 of these long-term arrears mortgages were not restructured, while solutions were agreed for just 20,424 loans.

It is very unlikely that all loans in arrears will, or even can, be restructured. It is possible that a borrower who has historical arrears may now be back “on track” and hence a restructuring is unnecessary. This highlights another shortcoming with the arrears data – they do not tell us whether a borrower is accumulating arrears now. A measure of the number of accounts in arrears now, or even better, a measure of the number that are currently covering the interest on their loans would be very very useful.

It is also the case that there are many loans where a restructuring is just not possible. For example, Ulster Bank have said that 35% of their customers who are in 90 day arrears are either not engaging or are not paying anything towards their mortgage. It is nearly impossible to put a restructure in place in such circumstances.

It is also worth noting that a further 50,672 mortgages which are not in arrears have also been restructured. This could be because any arrears has been repaid or recapitalised or because the restructure stopped the mortgage falling into arrears in the first place. In total 71,086 mortgages in the sample have been restructured which is a lot of activity.

Finally, the data in this release represents 90% of all mortgage accounts in Ireland. In this sample, 82,824 out 699,674 accounts were in 90 day arrears at the end of August. That is 11.7% of mortgage accounts in the sample.

The most recent data from the FR for the entire mortgage market is for the end of June. At that time, 12.7% of all mortgage accounts were in arrears of 90 days or more. That means the tenth of mortgages that are in institutions outside the MART process have an arrears rate of 21.5% – nearly double the rate of arrears of those in the DoF sample. The lenders here include INBS, BoSI, Start, Danske and although they are smaller than the other lenders in proportionate terms their arrears rates are far worse.